Intrinsic value of Mack-Cali Realty - CLI

Previous Close

$20.21

  Intrinsic Value

$15.38

stock screener

  Rating & Target

sell

-24%

Previous close

$20.21

 
Intrinsic value

$15.38

 
Up/down potential

-24%

 
Rating

sell

Our model is not good at valuating stocks of financial companies, such as CLI.

We calculate the intrinsic value of CLI stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 2017), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.8

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  628
  643
  659
  678
  698
  721
  745
  772
  801
  831
  864
  899
  937
  976
  1,019
  1,063
  1,110
  1,160
  1,213
  1,269
  1,328
  1,390
  1,455
  1,524
  1,597
  1,673
  1,753
  1,838
  1,927
  2,021
Variable operating expenses, $m
  466
  476
  488
  501
  515
  531
  549
  567
  588
  609
  611
  636
  663
  691
  720
  752
  785
  821
  858
  897
  939
  983
  1,029
  1,078
  1,129
  1,183
  1,240
  1,300
  1,363
  1,429
Fixed operating expenses, $m
  56
  57
  59
  60
  61
  63
  64
  65
  67
  68
  70
  71
  73
  75
  76
  78
  80
  81
  83
  85
  87
  89
  91
  93
  95
  97
  99
  101
  103
  106
Total operating expenses, $m
  522
  533
  547
  561
  576
  594
  613
  632
  655
  677
  681
  707
  736
  766
  796
  830
  865
  902
  941
  982
  1,026
  1,072
  1,120
  1,171
  1,224
  1,280
  1,339
  1,401
  1,466
  1,535
Operating income, $m
  106
  109
  113
  117
  122
  127
  133
  139
  146
  154
  183
  192
  201
  211
  222
  233
  245
  258
  272
  286
  302
  318
  335
  353
  373
  393
  414
  437
  461
  486
EBITDA, $m
  619
  634
  650
  669
  690
  713
  738
  765
  794
  826
  859
  896
  934
  975
  1,019
  1,065
  1,114
  1,166
  1,221
  1,279
  1,341
  1,406
  1,474
  1,546
  1,622
  1,702
  1,786
  1,875
  1,969
  2,067
Interest expense (income), $m
  122
  80
  80
  81
  81
  81
  82
  82
  83
  83
  84
  84
  85
  86
  87
  87
  88
  89
  90
  91
  92
  93
  94
  95
  97
  98
  100
  101
  103
  104
  106
Earnings before tax, $m
  26
  29
  32
  36
  40
  45
  51
  56
  63
  70
  99
  107
  115
  125
  135
  145
  156
  168
  181
  195
  209
  224
  240
  257
  275
  293
  313
  334
  356
  380
Tax expense, $m
  7
  8
  9
  10
  11
  12
  14
  15
  17
  19
  27
  29
  31
  34
  36
  39
  42
  45
  49
  53
  56
  60
  65
  69
  74
  79
  85
  90
  96
  103
Net income, $m
  19
  21
  23
  26
  29
  33
  37
  41
  46
  51
  72
  78
  84
  91
  98
  106
  114
  123
  132
  142
  152
  163
  175
  187
  200
  214
  229
  244
  260
  277

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  -1,028
  -1,052
  -1,079
  -1,109
  -1,143
  -1,180
  -1,220
  -1,264
  -1,310
  -1,361
  -1,415
  -1,472
  -1,533
  -1,598
  -1,667
  -1,740
  -1,817
  -1,899
  -1,986
  -2,077
  -2,173
  -2,275
  -2,382
  -2,494
  -2,613
  -2,738
  -2,870
  -3,008
  -3,154
  -3,307
Adjusted assets (=assets-cash), $m
  -1,028
  -1,052
  -1,079
  -1,109
  -1,143
  -1,180
  -1,220
  -1,264
  -1,310
  -1,361
  -1,415
  -1,472
  -1,533
  -1,598
  -1,667
  -1,740
  -1,817
  -1,899
  -1,986
  -2,077
  -2,173
  -2,275
  -2,382
  -2,494
  -2,613
  -2,738
  -2,870
  -3,008
  -3,154
  -3,307
Revenue / Adjusted assets
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
  -0.611
Average production assets, $m
  4,917
  5,030
  5,159
  5,304
  5,465
  5,641
  5,833
  6,041
  6,265
  6,506
  6,763
  7,038
  7,330
  7,640
  7,970
  8,319
  8,689
  9,080
  9,493
  9,929
  10,390
  10,875
  11,387
  11,926
  12,493
  13,091
  13,720
  14,382
  15,079
  15,812
Working capital, $m
  -3,137
  -3,209
  -3,292
  -3,384
  -3,487
  -3,600
  -3,722
  -3,855
  -3,998
  -4,151
  -4,315
  -4,491
  -4,677
  -4,875
  -5,086
  -5,308
  -5,544
  -5,794
  -6,057
  -6,336
  -6,629
  -6,939
  -7,266
  -7,610
  -7,972
  -8,353
  -8,755
  -9,177
  -9,622
  -10,089
Total debt, $m
  247
  248
  249
  250
  251
  252
  254
  255
  257
  259
  261
  263
  265
  268
  270
  273
  276
  279
  282
  285
  289
  293
  297
  301
  305
  310
  315
  320
  325
  331
Total liabilities, $m
  38
  39
  40
  41
  42
  44
  45
  47
  48
  50
  52
  54
  57
  59
  62
  64
  67
  70
  73
  77
  80
  84
  88
  92
  97
  101
  106
  111
  117
  122
Total equity, $m
  -1,066
  -1,091
  -1,119
  -1,150
  -1,185
  -1,224
  -1,265
  -1,310
  -1,359
  -1,411
  -1,467
  -1,526
  -1,590
  -1,657
  -1,729
  -1,804
  -1,885
  -1,969
  -2,059
  -2,154
  -2,253
  -2,359
  -2,470
  -2,587
  -2,710
  -2,839
  -2,976
  -3,120
  -3,271
  -3,429
Total liabilities and equity, $m
  -1,028
  -1,052
  -1,079
  -1,109
  -1,143
  -1,180
  -1,220
  -1,263
  -1,311
  -1,361
  -1,415
  -1,472
  -1,533
  -1,598
  -1,667
  -1,740
  -1,818
  -1,899
  -1,986
  -2,077
  -2,173
  -2,275
  -2,382
  -2,495
  -2,613
  -2,738
  -2,870
  -3,009
  -3,154
  -3,307
Debt-to-equity ratio
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
  0.000
Adjusted equity ratio
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037
  1.037

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  19
  21
  23
  26
  29
  33
  37
  41
  46
  51
  72
  78
  84
  91
  98
  106
  114
  123
  132
  142
  152
  163
  175
  187
  200
  214
  229
  244
  260
  277
Depreciation, amort., depletion, $m
  513
  524
  537
  552
  568
  586
  605
  626
  648
  672
  676
  704
  733
  764
  797
  832
  869
  908
  949
  993
  1,039
  1,087
  1,139
  1,193
  1,249
  1,309
  1,372
  1,438
  1,508
  1,581
Funds from operations, $m
  532
  545
  561
  578
  597
  619
  642
  667
  694
  723
  748
  782
  817
  855
  895
  938
  983
  1,031
  1,081
  1,135
  1,191
  1,251
  1,314
  1,380
  1,450
  1,523
  1,601
  1,682
  1,768
  1,858
Change in working capital, $m
  -62
  -72
  -82
  -93
  -103
  -113
  -123
  -133
  -143
  -153
  -164
  -175
  -186
  -198
  -210
  -223
  -236
  -249
  -264
  -278
  -294
  -310
  -326
  -344
  -362
  -381
  -401
  -422
  -444
  -467
Cash from operations, $m
  594
  618
  643
  671
  700
  731
  764
  799
  837
  876
  913
  957
  1,004
  1,053
  1,106
  1,161
  1,219
  1,280
  1,345
  1,413
  1,485
  1,561
  1,640
  1,724
  1,812
  1,905
  2,002
  2,105
  2,213
  2,326
Maintenance CAPEX, $m
  -482
  -492
  -503
  -516
  -530
  -546
  -564
  -583
  -604
  -627
  -651
  -676
  -704
  -733
  -764
  -797
  -832
  -869
  -908
  -949
  -993
  -1,039
  -1,087
  -1,139
  -1,193
  -1,249
  -1,309
  -1,372
  -1,438
  -1,508
New CAPEX, $m
  -95
  -113
  -129
  -145
  -161
  -176
  -192
  -208
  -224
  -240
  -257
  -274
  -292
  -311
  -330
  -349
  -370
  -391
  -413
  -436
  -460
  -485
  -512
  -539
  -568
  -598
  -629
  -662
  -697
  -733
Cash from investing activities, $m
  -577
  -605
  -632
  -661
  -691
  -722
  -756
  -791
  -828
  -867
  -908
  -950
  -996
  -1,044
  -1,094
  -1,146
  -1,202
  -1,260
  -1,321
  -1,385
  -1,453
  -1,524
  -1,599
  -1,678
  -1,761
  -1,847
  -1,938
  -2,034
  -2,135
  -2,241
Free cash flow, $m
  17
  13
  11
  10
  9
  8
  8
  8
  9
  9
  5
  6
  8
  10
  12
  15
  17
  21
  24
  28
  32
  36
  41
  46
  52
  58
  64
  71
  78
  85
Issuance/(repayment) of debt, $m
  1
  1
  1
  1
  1
  1
  1
  2
  2
  2
  2
  2
  2
  2
  3
  3
  3
  3
  3
  3
  4
  4
  4
  4
  4
  5
  5
  5
  5
  6
Issuance/(repurchase) of shares, $m
  -21
  -25
  -28
  -31
  -35
  -38
  -42
  -45
  -49
  -52
  -56
  -60
  -63
  -67
  -71
  -76
  -80
  -85
  -90
  -95
  -100
  -105
  -111
  -117
  -123
  -130
  -136
  -144
  -151
  -159
Cash from financing (excl. dividends), $m  
  -20
  -24
  -27
  -30
  -34
  -37
  -41
  -43
  -47
  -50
  -54
  -58
  -61
  -65
  -68
  -73
  -77
  -82
  -87
  -92
  -96
  -101
  -107
  -113
  -119
  -125
  -131
  -139
  -146
  -153
Total cash flow (excl. dividends), $m
  -3
  -11
  -16
  -21
  -25
  -29
  -32
  -35
  -38
  -41
  -49
  -51
  -53
  -55
  -57
  -59
  -60
  -61
  -62
  -63
  -64
  -65
  -66
  -67
  -67
  -67
  -68
  -68
  -68
  -68
Retained Cash Flow (-), $m
  21
  25
  28
  31
  35
  38
  42
  45
  49
  52
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
Prev. year cash balance distribution, $m
  1,045
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  1,063
  25
  28
  31
  35
  38
  42
  45
  49
  52
  56
  60
  63
  67
  71
  76
  80
  85
  90
  95
  100
  105
  111
  117
  123
  130
  136
  144
  151
  159
Discount rate, %
  5.60
  5.88
  6.17
  6.48
  6.81
  7.15
  7.50
  7.88
  8.27
  8.69
  9.12
  9.58
  10.06
  10.56
  11.09
  11.64
  12.22
  12.84
  13.48
  14.15
  14.86
  15.60
  16.38
  17.20
  18.06
  18.96
  19.91
  20.91
  21.95
  23.05
PV of cash for distribution, $m
  1,007
  22
  23
  24
  25
  25
  25
  25
  24
  23
  21
  20
  18
  17
  15
  13
  11
  10
  8
  7
  5
  4
  3
  3
  2
  1
  1
  1
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Mack-Cali Realty Corporation is a self-administered and self-managed real estate investment trust (REIT). The Company owns and operates a real estate portfolio of Class A office and office/flex properties. It operates in three segments: commercial and other real estate, multi-family real estate and multi-family services. Its commercial and other real estate provides leasing, property management, acquisition, development, construction and tenant-related services for its commercial and other real estate, and multi-family real estate portfolio. Its multi-family services business also provides similar services for third parties. It owned or had interests in approximately 248 properties, consisting of approximately 119 office and approximately 110 flex properties, totaling approximately 26.6 million square feet, leased to approximately 1,600 commercial tenants and approximately 19 multi-family rental properties containing approximately 5,614 residential units, plus developable land.

FINANCIAL RATIOS  of  Mack-Cali Realty (CLI)

Valuation Ratios
P/E Ratio 15.5
Price to Sales 3
Price to Book 1.2
Price to Tangible Book
Price to Cash Flow 18.1
Price to Free Cash Flow -7.9
Growth Rates
Sales Growth Rate 3%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 88%
Cap. Spend. - 3 Yr. Gr. Rate 25.9%
Financial Strength
Quick Ratio NaN
Current Ratio NaN
LT Debt to Equity 153.2%
Total Debt to Equity 153.2%
Interest Coverage 2
Management Effectiveness
Return On Assets 5.7%
Ret/ On Assets - 3 Yr. Avg. 3%
Return On Total Capital 3.1%
Ret/ On T. Cap. - 3 Yr. Avg. 0.1%
Return On Equity 7.8%
Return On Equity - 3 Yr. Avg. 0.5%
Asset Turnover 0.1
Profitability Ratios
Gross Margin 56.4%
Gross Margin - 3 Yr. Avg. 54.4%
EBITDA Margin 71.6%
EBITDA Margin - 3 Yr. Avg. 49%
Operating Margin 12.1%
Oper. Margin - 3 Yr. Avg. 3.3%
Pre-Tax Margin 21.2%
Pre-Tax Margin - 3 Yr. Avg. 0.7%
Net Profit Margin 19.1%
Net Profit Margin - 3 Yr. Avg. 0.8%
Effective Tax Rate 0%
Eff/ Tax Rate - 3 Yr. Avg. 0%
Payout Ratio 51.3%

CLI stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the CLI stock intrinsic value calculation we used $616 million for the last fiscal year's total revenue generated by Mack-Cali Realty. The default revenue input number comes from 2017 income statement of Mack-Cali Realty. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our CLI stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 5.6%, whose default value for CLI is calculated based on our internal credit rating of Mack-Cali Realty, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Mack-Cali Realty.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of CLI stock the variable cost ratio is equal to 74.2%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $55 million in the base year in the intrinsic value calculation for CLI stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 32.6% for Mack-Cali Realty.

Corporate tax rate of 27% is the nominal tax rate for Mack-Cali Realty. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the CLI stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for CLI are equal to 782.5%.

Life of production assets of 10 years is the average useful life of capital assets used in Mack-Cali Realty operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for CLI is equal to -499.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $0 million for Mack-Cali Realty - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 90 million for Mack-Cali Realty is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Mack-Cali Realty at the current share price and the inputted number of shares is $1.8 billion.

RELATED COMPANIES Price Int.Val. Rating
VNO Vornado Realty 73.50 24.92  str.sell
BXP Boston Propert 129.79 22.20  str.sell
CMCT CIM Commerical 15.25 3.98  str.sell
ACM AECOM 32.93 105.28  str.buy
CTL CenturyLink 22.36 43.81  str.buy
ALL Allstate 98.38 91.01  hold
PFE Pfizer 40.71 24.58  sell

COMPANY NEWS

▶ Mack-Cali: 2Q Earnings Snapshot   [05:03AM  Associated Press]
▶ Mack-Cali: 1Q Earnings Snapshot   [May-02-18 07:04PM  Associated Press]
▶ Mack-Cali Realty Corporation to Host Earnings Call   [Feb-22-18 09:00AM  ACCESSWIRE]
▶ Mack-Cali reports 4Q results   [05:03AM  Associated Press]
▶ Mack-Cali Strengthens Executive Management Team   [Jan-29-18 07:08AM  PR Newswire]
▶ Mack-Cali reports 3Q results   [Nov-07-17 07:11PM  Associated Press]
▶ New Strong Sell Stocks for September 21st   [Sep-21-17 08:07AM  Zacks]
▶ [$$] Mack-Cali Envisions Main Street on Jersey City Waterfront Complex   [Sep-18-17 12:42AM  The Wall Street Journal]
▶ [$$] Waterfront Overhaul Follows Population Rise   [12:12AM  The Wall Street Journal]
▶ [$$] Mack-Cali Seeks Main Street Vibe on Jersey City, N.J. Waterfront   [Sep-17-17 09:00AM  The Wall Street Journal]
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.